RBI likely sold US dollars to strengthen rupee at 96.6825
Business
On Thursday, the Reserve Bank of India (RBI) likely sold US dollars to help strengthen the rupee, which opened at 96.6825 per US dollar, stronger than what most expected.
This move was likely meant to keep the rupee from slipping toward its record low of 96.96 hit in May and shows RBI is staying proactive about keeping the country's currency stable.
Traders cite early US dollar selling
Traders noticed the rupee's unexpected strength after RBI's likely intervention.
Four traders said selling US dollars early in the day made a real difference in how the market opened.
Moves like this are watched closely and help reassure everyone that RBI is ready to step in when things get unpredictable.